Challenger discount chain launched by former Asda boss
ANDY BOND, former chief executive at Asda, is launching a challenger discount chain.
Backed by Leeds-based Reward Capital’s Christo Weise, the new firm will be up against discount retailers B&M, Poundland, Home Bargains and Yorkshire’s own Poundland, which earlier this year announced it was creating thousands of jobs with a distribution centre in Normanton.
The chain, which according to Retail Week is as yet unnamed, will be funded by Mr Weise’s Pepkor investment vehicle.
Entrepreneur Mr Bond recently launched budget fashion chain Pep & Co with the help of Pepkor, and signed a contract with Clipper Logistics for distribution.
The new discount stores will stock fashion lines from the firm, as well as ambient groceries and general merchandise.
Andy Bond resigned from Asda in 2010. He told Retail Week: “There’s no evidence that the discount theme is slowing down as a customer trend, in fact the opposite. There’s still a lot of upside opportunity in discount retailing.”
He has recruited a team of retail veterans, including former Asda executive Koray Gul as managing director, former Holland & Barrett COO as operations director, Roy Ellis, Poundstretcher’s previous finance boss and Poundworld buying director David Donnelly.
